Results 6,061-6,080 of 36,138 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Can the information we require be e-mailed to Mr. Boucher so that it can be circulated to members?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: The bank is trying to play the committee for fools. That is simply not acceptable. The witnesses mentioned that they had listened to some of the transcripts from yesterday. I am sure other members of the bank listened. The Chairman made very clear what we wanted. The figures have not been provided. The witnesses have given a very good presentation and I commend them on it. I also...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Some of these measures such as full interest, for example, could have been measures the bank has agreed with the customers in 2008, 2009, 2011, 2012 and 2013 – over a period of five years. The Central Bank and the Government have asked about offers for accounts that were in arrears of 90 days or more as of this year. To make it clear to the witnesses, that is why the figures do not...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Am I correct in saying that at the end of March, 11,774 owner-occupier customers with Bank of Ireland were in arrears of 90 days or more?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Yes, so that is how many were in arrears at that point in time. Between that time and the end of June, 6,267 offers were made, of which 3,103 were legal.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Some processes started earlier but in June there were 6,267, which the bank claims is 53%. Half of all of the long-term solutions being put forward by the bank could potentially lead to repossession. Legal letters were sent that threaten repossession.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Mr. Mason does not believe that they will result in repossession but they have the potential to result in it. They are legal letters that threaten repossession.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: For clarity, half of the solutions offered by Bank of Ireland at this point in time, because of non-engagement and other reasons, are legal letters potentially threatening repossession.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: I completely disagree. I will move on. In regard to the restructuring, Mr. Boucher mentioned that of the 3,164 cases – again, he has not given us the figures for the quarter – that have been restructured, offered a restructuring or have been resolved between the end of quarter 1 and quarter 2, the type of restructuring that has been offered or is in place is similar to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: To the stock. If we look at the trend in what is in place in table 15, the majority are interest-only mortgages for a short duration and also interest with a reduced capital. Mr. Boucher mentioned that none of them involve a reduction in interest across the entire period of the loan. They are short-term solutions. It is my understanding that the Central Bank will not accept interest-only...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Yes, please.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Mr. Mason will accept that the solutions the bank has put in place in the past, including the short-term solutions such as interest only, have failed. Even today across the financial institutions, one in four restructurings are failing. In the past almost half of all restructurings were failing. The point is that the Central Bank no longer wants short-term restructurings; it wants...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Mr. Boucher is comfortable.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: I understand that. The figures the committee would like are the figures Mr. Mason presented to the Central Bank at the end of quarter two. Regarding some other issues, I want to add, in terms of the split mortgage, that the products the bank has on split mortgages are wrong. We had AIB representatives before the committee yesterday. They are modifying their split mortgage in terms of a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: This made the headlines yesterday - CEO of AIB said 20% were strategic defaulters under his definition. I do not want to use the term "strategic defaulters" but what he basically said is that when the financial statements are analysed, they believe that 20% can pay their mortgages. Bank of Ireland's figure for that, after analysing the statement, is 10%. Would that be correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: I would say most would be made up of-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: I am running out of time. I appreciate that. The last two points require a quick "yes" or "no" answer. The bank has residents in Priory Hall. AIB said it got out of the process. It is engaging with the residents directly to get a home for those individuals who have accounts. I ask Mr. Boucher to make a statement to this committee on Priory Hall. Also, can he inform-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: Okay. At some stage somebody else might pick that up. Regarding the Mercer report, Mr. Boucher has answered the question. On 23 April, the Taoiseach said he expected senior executives to take substantial reductions. I have a confidential note here from the Minister for Finance's advisers on Mr. Boucher's own remuneration that was voted upon at the AGM, which I got from a freedom of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Pearse Doherty: On how many customers has the bank or its legal advisers commissioned lifestyle reports by private investigators? What is the cost of these lifestyle reports on the customers?